CNB Financial (NASDAQ:CCNE) Rating Lowered to Sell at ValuEngine

CNB Financial (NASDAQ:CCNE) was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating in a research report issued on Wednesday, ValuEngine reports.

Several other brokerages have also recently issued reports on CCNE. Janney Montgomery Scott started coverage on shares of CNB Financial in a research note on Tuesday, January 7th. They set a “buy” rating on the stock. TheStreet cut shares of CNB Financial from a “b-” rating to a “c+” rating in a research note on Tuesday, March 17th. BidaskClub cut shares of CNB Financial from a “sell” rating to a “strong sell” rating in a research note on Wednesday, March 4th. Finally, Zacks Investment Research raised shares of CNB Financial from a “sell” rating to a “hold” rating in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $33.50.

CCNE traded down $0.49 during trading on Wednesday, hitting $17.50. The stock had a trading volume of 50,200 shares, compared to its average volume of 35,755. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market capitalization of $257.98 million, a P/E ratio of 6.65 and a beta of 1.08. The company’s 50-day moving average price is $24.43 and its 200 day moving average price is $29.26. CNB Financial has a twelve month low of $15.82 and a twelve month high of $33.78.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.69 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.69. The company had revenue of $36.50 million for the quarter, compared to analysts’ expectations of $37.09 million. CNB Financial had a net margin of 22.06% and a return on equity of 13.78%. As a group, equities analysts expect that CNB Financial will post 2.44 earnings per share for the current fiscal year.

In related news, Director Francis X. Straub III purchased 5,107 shares of the stock in a transaction dated Wednesday, March 11th. The shares were acquired at an average cost of $19.70 per share, with a total value of $100,607.90. Following the purchase, the director now directly owns 17,459 shares in the company, valued at approximately $343,942.30. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 2.97% of the company’s stock.

Several large investors have recently bought and sold shares of CCNE. Royce & Associates LP grew its stake in CNB Financial by 2.5% in the 4th quarter. Royce & Associates LP now owns 733,935 shares of the bank’s stock valued at $23,985,000 after acquiring an additional 17,868 shares during the last quarter. Renaissance Technologies LLC grew its stake in CNB Financial by 2.1% in the 4th quarter. Renaissance Technologies LLC now owns 329,102 shares of the bank’s stock valued at $10,755,000 after acquiring an additional 6,700 shares during the last quarter. State Street Corp grew its stake in CNB Financial by 6.3% in the 4th quarter. State Street Corp now owns 283,995 shares of the bank’s stock valued at $9,281,000 after acquiring an additional 16,786 shares during the last quarter. Geode Capital Management LLC grew its stake in CNB Financial by 3.3% in the 4th quarter. Geode Capital Management LLC now owns 201,810 shares of the bank’s stock valued at $6,594,000 after acquiring an additional 6,427 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in CNB Financial by 6.4% in the 4th quarter. Bank of New York Mellon Corp now owns 98,584 shares of the bank’s stock valued at $3,221,000 after acquiring an additional 5,949 shares during the last quarter. 44.51% of the stock is currently owned by institutional investors and hedge funds.

About CNB Financial

CNB Financial Corporation operates as the bank holding company for CNB Bank that provides a range of banking products and services for individual, business, governmental, and institutional customers. The company accepts checking, savings, and time deposit accounts; and offers real estate, commercial, industrial, residential, and consumer loans, as well as various other specialized financial services.

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